Elon Musk, CEO Of Tesla, Inc. (NASDAQ: TSLA), Says Solar Is A ‘Killer Product,” Almost Triples Solar Deployments Sequentially And Targets Third Party Installers To Expand 2021 Capacity; Growing Solar Integrated Roofing Corp. (OTC PINK: SIRC)
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Summary
- Elon Musk, CEO of Tesla, Inc. (NASDAQ: TSLA), Says Solar Is A ‘Killer Product,” Almost Triples Solar Deployments Sequentially And Targets Third Party Installers To Expand 2021 Capacity; Growing Solar.
Elon Musk, CEO of Tesla, Inc. (NASDAQ: TSLA), Is targeting solar for 2021 growth, calling it a ‘killer product.” TSLA is known as an electric car company, attaining $834 billion in market value and an S&P ranking, but Musk sees its solar division as a fast-growing key. Focusing on greater solar growth this year, TSLA almost tripled solar deployments sequentially last year and now targets third party installers — such as Solar Integrated Roofing Corp. (OTC PINK: SIRC) — as a Certified TSLA Solar roof installer to help it accelerate solar expansion.
stockmarketpress.com features specialized coverage of related stocks in the solar, roofing and battery charging energy industry such as Solar Integrated Roofing Corp. (OTC PINK: SIRC), Sunrun, Inc. (NASDAQ: RUN), Blink Charging Co. (NASDAQ: BLNK), Tesla, Inc. (NASDAQ: TSLA), SolarEdge Technologies, Inc. (NASDAQ: SEDG), First Solar, Inc. (NASDAQ: FSLR), SunPowerCorp. (NASDAQ: SPWR), Gibraltar Industries, Inc. (NASDAQ: ROCK) and Canadian Solar Inc. (NASDAQ: CSIQ).
Elon Musk, CEO of Tesla, Inc. (NASDAQ: TSLA), Says Solar Is A ‘Killer Product,” Almost Triples Solar Deployments Sequentially And Targets Third Party Installers To Expand 2021 Capacity; Growing Solar Integrated Roofing Corp. (OTC PINK: SIRC) Is A Certified TSLA Solar Installer
As it eyes quick solar growth, Tesla, Inc. (NASDAQ: TSLA) is hiring an army of third-party solar roofing installers in numerous markets. It is focusing on locations such as the Southern California home market of Solar Integrated Roofing Corp. (OTC PINK: SIRC) by advertising for solar installers in markets including Los Angeles and Hawthorne, California, plus Arizona in Tucson and Phoenix.
Elon Musk, CEO of Tesla, Calls Company’s Solar Roofing A “Killer Product”
Elon Musk, CEO of Tesla, Inc. (NASDAQ: TSLA), during an earnings conference call last year, predicted TSLA’s solar roof would become a “killer product” in 2021 adding that, "Total solar deployments more than doubled in Q3 to 57 MW compared to the prior quarter, with Solar Roof deployments almost tripling sequentially.” The new roofers Certified by TSLA includes Solar Integrated Roofing Corp. (OTC PINK: SIRC), which also installs the Tesla Powerwall line of lithium-ion solar batteries.
David Massey, SIRC CEO, said, “Our main focus is roofing and solar,” he said. However, the company is “able to raise the amount of its (sales) tickets” Massey explained by additionally partnering with Tesla (NASDAQ: TSLA) as a certified installer of that company’s new solar roof system and its solar battery backup Powerwall product. The net result is that SIRC can install a solar roofing system plus solar battery and generate additional revenue.
TSLA And SIRC Have In Common: Solar And EV Charging Stations
Solar Integrated Roofing Corp. (OTC PINK: SIRC) have one more thing in common besides solar roofs and installation of Tesla Power Wall rechargeable solar battery stations: EV recharging stations. Tesla (NASDAQ: TSLA) as part of its marketing of its electric cars, was early into the building of a national network of EV charging stations to enable Tesla car owners to recharge while on the road. SIRC recently announced that it was organizing a dedicated subsidiary for residential and commercial EV battery charging stations.
Musk in an interview said thatTesla Energy sector, including solar — starting from a small base — would be the quickest growth segment of his company as it pulled roughly to within the same size as Tesla’s automotive business. On a percentage basis from a small base, Tesla Energy would grow even faster, he said. Elon Musk, CEO of Tesla, Inc. (NASDAQ: TSLA), Says Solar Is A ‘Killer Product,” Almost Triples Solar Deployments Sequentially And Targets Third Party Installers To Expand 2021 Capacity; Growing Solar Integrated Roofing Corp. (OTC PINK: SIRC) Is A Certified TSLA Solar Installer.
California Mandates Solar In 2020 And Later New Residences
As California’s law now mandates solar energy systems for new residences built in 2020 and beyond, there are many new opportunities for expansion for SIRC.
New Strategies And Partnerships Present SIRC With Multiple Solar Opportunities
Massey, SIRC CEO, said said of the company’s entry into new home developments alongside several San Diego builders, “In addition to the roofing and solar revenue from each new housing development, we maintain the upside opportunity to sell the end home buyer additional solar or battery storage solutions, creating an exciting new sales pipeline for our growing team.”
SIRC Shares Trading North Of $1.00 And Beyond In 2021?
Goldman Small Cap Research in an updated report of January 4, 2021, explained that SIRC’s stock still has a lot to gain in valuation metric. “Thus, we believe that these shares (OTCPK:SIRC) could trade north of $1.00 and beyond in 2021, especially as new companies are brought into the SIRC family,” it concluded. Goldman Small Cap Researchin the new report tripled its price target for Solar Integrated Roofing Corp. (OTC PINK: SIRC) to $0.75 for the next three-six months after it blew past the previous price target Goldman set only last month.
The Goldman report added: “Based on the Company’s price/sales metrics relative to our price target (2.7x next year’s sales), we have determined that for each new $5 million in acquired business, SIRC’s shares should enjoy a $0.10 per share rise.” It specifically likes SIRC’s entry into the EV residential charging station market. Cross-selling in this market — leveraging the Company’s existing customers — could generate strong volume growth and profitability, it finds.
Volume Drivers Cited For Solar Integrated Roofing Corp. (OTC PINK: SIRC)
Goldman likes the volume drivers for SIRC: the M&A strategy, entry into adjacent sectors, past record performance and partnership/agreement with EV developer of all-electric tractors, which is an applicant for a $500 million USTDA grant. Saying that SIRC is “hitting on all cylinders,” expanding volume both organically and with acquisition growth, it projected SIRC sales at $19.8 million for FY 2021 and $38.5 million In FY 2022. Elon Musk, CEO of Tesla, Inc. (NASDAQ: TSLA), Says Solar Is A ‘Killer Product,” Almost Triples Solar Deployments Sequentially And Targets Third Party Installers To Expand 2021 Capacity; Growing Solar Integrated Roofing Corp. (OTC PINK: SIRC) Is A Certified TSLA Solar Installer.
SIRC itself forecasts a volume of $40 million for FY 2022 — slightly north of the $38.5 million projected for it that year by the new Goldman report. Similarly, Massey of Solar Integrated Roofing Corp. (OTC PINK: SIRC) projects that its fast-track growth will generate revenues of $20 million for the FY ending February 28, 2021, almost precisely the $19.8 million estimated by the initial report.
Rob Goldman, Senior Analyst, cited SIRC’s Q3 FY 2021 volume jump of 130% YOY to $5.2 million in sales. It also noted SIRC’s move into new adjacent clean air categories such as EV charging stations, all-electric tractors and new home solar installations in San Diego — mandated in California — in addition to its solar activity in Southern California. SIRC reached a new agreement with Solectrac, Inc., an electric tractor developer and manufacturer located in Northern California. The company is now 24% owned by Ideanomics (NASDAQ: IDEX). Solectrac is an applicant for a $500 million USTDA grant.
Learn more about SIRC at Solar Integrated Roofing Corp. (OTC PINK: SIRC).
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